Financial Year - GMM Pfaudler Ltd

TO THE MEMBERS OF GMM PFAUDLER LIMITEDREPORT OF THE AUDITORS1. We have audited the attached Balance Sheet of GMM Pfaudler Limited, as at March 31, 2011 and also the Profitand Loss Account and Cash Flow Statement of the Company for the year ended on that date, both annexed thereto.These financial statements are the responsibility of the Company’s management. Our responsibility is to express anopinion on these financial statements based on our audit.2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion.3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditors’ Report)Order (Amendment) Order 2004, issued by the Central Government in terms of Section 227(4A) of the CompaniesAct, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.4. Further to our comments in the Annexure referred to above, we report that:a) We have obtained all the information and explanations, which to the best of our knowledge and belief werenecessary for the purpose of our audit.b) In our opinion, proper books of account as required by law have been kept by the Company so far as appearsfrom our examination of such books.c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books ofaccount.d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting Standards referredto in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable.e) In our opinion and to the best of our information and according to the explanations given to us the said accountsread with the notes thereon, give the information required by the Companies Act, 1956 in the manner sorequired and give a true and fair view in conformity with the accounting principles generally accepted in India:i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011;ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; andiii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.5. On the basis of written representations received from the directors as on March 31, 2011 and taken on record by theBoard of Directors, we report that none of the directors is disqualified as on March 31, 2011; from being appointedas director under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.For and on behalf ofKALYANIWALLA & MISTRYChartered AccountantsFirm Registration No: 104607WVinayak M. PadwalPartnerM. No: F 49639Mumbai, August 25, 201117